CAYMAN ISLANDS Law and Practice Contributed by: Daniel Lee, Sophia Scott, Kimberly Robinson and James Turner, Maples Group
9. Looking Forward 9.1 Upcoming Legal Reforms
of the GDPR, and provide, for example, that per - sonal data must be processed fairly and only for specified lawful purposes, and that person - al data must be processed only to the extent adequate/relevant and not excessive, etc. Other DPA notable requirements include responding to access/correction requests, and notifying per - sonal data breaches. The DPA does not apply directly to data proces - sors, but those who wish to appoint data proces - sors are required to ensure that data processors give certain contractual assurances with respect to the personal data that they process. 8.3 Role and Authority of the Data Protection Agency The relevant Cayman Islands regulator is the Ombudsman. Breach of the DPA can lead (vari - ously) to remedial action by the Ombudsman, the imposition of penalties, and criminal sanc - tions. If, following receipt of a complaint by a data subject, the Ombudsman is satisfied that personal data held by a data controller is inaccu - rate, the Ombudsman may order the data con - troller to rectify, block, erase, destroy or update the data. The monetary penalties the Ombuds - man can impose are capped at KYD250,000.
The Cayman Islands Ministry for Financial Ser - vices has previously issued consultation papers on proposed amendments to the ELP Act. The proposed amendments intended to introduce additional structural flexibility and efficiencies for ELPs and include: • provisions to facilitate statutory mergers between one or more ELPs, between one or more ELPs and/or one or more exempted companies or LLCs or between one or more ELPs and one or more foreign entities provid - ed such foreign entities have separate legal personality, consistent with the existing Cay - man Islands statutory merger regimes apply - ing to exempted companies and LLCs; and • a provision to facilitate the conversion of an exempted company or an LLC to an ELP. The consultation ended on 20 February 2024, and updates are expected once the new Cabinet is sworn in and approves progressing legislative initiatives.
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